国产GPU第一股IPO获批，募资80亿

Core Viewpoint - The China Securities Regulatory Commission has approved the IPO registration of Moore Threads, marking it as the first domestic GPU company to go public on the Sci-Tech Innovation Board [1][3]. Group 1: IPO Details - Moore Threads submitted its prospectus on June 30 and received approval for its IPO registration in just four months [3][10]. - The company plans to raise 8 billion yuan (approximately 1.1 billion USD) through this IPO, primarily for research and development [4][10]. - The allocation of the raised funds includes 2.509 billion yuan for AI training and inference chip development, 2.502 billion yuan for graphics chip development, 1.981 billion yuan for AI SoC chip development, and 1.006 billion yuan for working capital [4][6]. Group 2: Financial Performance - In the first half of this year, Moore Threads reported revenue of 702 million yuan, with a significant increase from 289 million yuan in Q1 to 412 million yuan in Q2, surpassing the total revenue for the entire year of 2024 [4][7]. - The net loss for the first half of the year was 271 million yuan, showing a substantial improvement compared to the same period last year, with management projecting potential profitability by 2027 [4][7]. Group 3: Revenue Structure Shift - The company has shifted its strategic focus from desktop-level products to high-performance, high-margin AI computing products, with AI computing products contributing 94.85% of total revenue in the first half of this year, amounting to 665 million yuan [7][8]. - In 2022, desktop-level graphics acceleration products accounted for 71.44% of revenue, while by 2024, AI computing products had risen to 77.63% of total revenue [7][8]. Group 4: Company Background - Moore Threads was founded in June 2020 with a registered capital of 330 million yuan, and its actual controller is Zhang Jianzhong, who holds 36.36% of the company [11][12]. - Prior to founding Moore Threads, Zhang served as the global vice president and general manager for NVIDIA in China [12]. - The company operates under a Fabless model, focusing on the research, design, and sales of GPUs and related products, and has developed its proprietary MUSA (Moore Threads Unified System Architecture) [12][13][16]. Group 5: Industry Context - Moore Threads is the first domestic GPU company to receive IPO registration approval, while other companies like Muxi and Suiruan Technology are also in the process of IPOs [18][19]. - The past year has seen a surge in IPO activities among domestic GPU manufacturers, indicating a growing interest and competition in the sector [22].